Brics PCG recommends a 'Buy' on Glenmark Pharma with a price target of Rs 401.Glenmark Pharma has received US FDA approval to market Meloxicam oral tablets in 7.5 mg and 15 mg dosages. This is a generic version of Boehringer Ingelheim's brand Mobic, and has annual sales of about $936mn.The drug, which belongs to a category of Non-steroidal Anti-Inflammatory Drugs (NSAID), is prescribed for osteoarthritis. Glenmark Pharmaceutical Inc, the company's US subsidiary, will commence supplying the generic drug to customers in the US immediately.Glenmark currently markets seven products in the US with the last launch being Codeine Phosphate, a controlled substance. With 5 ANDAs filed in FY05 and 11 in FY06 awaiting approval, the management seems confidant of achieving sales of US$35mn in FY07 and $75 mn in FY08 says Brics PCG.At the current price of Rs 310, the stock is trading at a P/E of 13.7x on FY07E and 10.3x on FY08E. The target price of Rs 401 includes a value of Rs 151 for the R&D segment and Rs 250 (P/E of 15x on FY08) for the core business.